Filing taxes to claim stimulus money? You need your AGI. Here’s what it is and how to find itMarch 3, 2021
is now underway, and you’ll want to file your as soon as possible for a number of reasons. If you were missing any stimulus money from the , you can — . and could also potentially speed up how fast you get a , which Congress is trying to approve (here’s , and ).
The key to understanding your tax filings and your past andis your adjusted gross income, or AGI. Here, we’ll help you figure out what your AGI is, how to find it and how it helps determine how much you might owe or , and how much you’re eligible to receive with the , and the that the includes. We also break down your stimulus payments, including a . You may want to keep other details in mind, too, such as what happens if , or if .
CNET also has guides for what happens to your stimulus payment if, if or if . If your , you will likely have to this year, or, in certain cases, .
What is my AGI? What does it mean for stimulus checks?
Your AGI, or adjusted gross income, is the amount calculated from your total income the IRS uses to determine how much the government can tax you. Your gross income is the sum of all the money you earn in a year, including wages, dividends, alimony, capital gains, interest income, royalties, rental income and retirement distributions.
After you subtract allowable deductions from your gross income (such as student loan interest, alimony payments or retirement contributions), the result is your AGI, or taxable income, which is used to calculate your income tax. Your AGI is reported on IRS tax form 1040, which you can find on line 11 on this year’s form.
Since it’s a rough estimate of how much money you’re bringing in after deductions from all your streams of income, the IRS used yourof up to $1,200 you could get, as well as how much of the you could get.
Congress is currently considering President Joe Biden’s, which includes a for the , so there as well. It’s possible that the formula will change this time around, however, which or with a third check. The answer depends largely on how a turns out.
How can I use my AGI to figure out how much money I could get in a stimulus check?
Aper qualified person, but change crucial that help determine how much your family gets, that is, when a . Your AGI, however, will still likely be the determining factor for how much the IRS will owe you, along with your filing status (single versus joint) and .
This was the case for the first and second checks as well. You can check out our story onfor some examples of how it will break down for you, depending on your situation. For that round of payments, as long as you met the other , single taxpayers with a Social Security number and an AGI under $75,000 received the full amount of $600. As your AGI went up, the amount you were eligible for decreased. If your AGI was $87,000 or above, as a single taxpayer you were no longer be eligible for the stimulus check (this is down from a $99,000 cutoff for the first check).
For the, Congress is currently debating whether or not it will change the income limits by to families below a certain threshold, but again, we won’t know for sure until a bill is approved.
How could my AGI change on my 2020 taxes, and how could that impact my third stimulus check?
Since your AGI is calculated from all your sources of income for the year, it can fluctuate based on a wide range of factors, including if you got a raise or lost a job; if you sold a house, got a bonus or received an inheritance; or if you lost or gained money in the stock market.
Yourfor a (if one is approved) will be based on — whichever the IRS has on file more recently. The IRS used the most recently filed tax return to distribute the first stimulus check (either 2018 or 2019), so there’s a precedent there.
There may be several implications to this. For example, if you earned more in 2020 than in 2019, but the IRS uses your 2019 return (and gives you more stimulus money than you might be eligible for), you won’t have to return that money. (Find out more about, and .)
How can I find my AGI on my 2020 tax return?
When you file your 2020 tax return, you’ll enter your AGI on line 11 on Form 1040 and 1040-SR.
How can I find my AGI if I filed my taxes in 2019?
If you filed your 2019 federal tax return, pull out your printed records or PDF. If you used tax-filing software like, you should be able to log in to those accounts to find a copy of your return.
You’ll find your AGI on line 8b of the 2019 1040 federal tax form.
How can I figure out my AGI if I did not file taxes in 2019?
If you didn’t file federal taxes in 2019, you can find your AGI on your 2018 federal tax return. On the 2018 1040 federal tax form, it’s on line 7. It’s on line 11 on the 2020 form.
What if I can’t find my federal tax return?
If you just can’t find your tax return, you can find your AGI in two ways:
Method 1: Go to the IRS’ Get Transcript portal and choose Get Transcript Online. You’ll need your Social Security number, date of birth, filing status and mailing address from your latest tax return. You’ll also need access to your email; your personal account number from a credit card, mortgage, home equity loan, home equity line of credit or car loan; and a mobile phone with your name on the account. Once your identity is verified, select the Tax Return Transcript and use only the Adjusted Gross Income line entry. You’ll be able to view or print your information here.
Method 2: If you don’t have internet access or the necessary identity verification documents, you can use the Get Transcript portal and choose Get Transcript by Mail, or call 1-800-908-9946 to request a Tax Return Transcript. It takes about five to 10 days to be delivered to you.
How does my AGI affect my dependents?
If your AGI makes you eligible for a stimulus check and you, your first stimulus check should have included up to $500 per qualified dependent, and your second stimulus check should have included up to $600 per qualified dependent, since they were . There was no cap on the number of dependents you could claim under 17 years old.
The third stimulus check could change the rules, withfor stimulus checks to include those over age 16, as well as . The proposal also allocates up to $1,400 per dependent, added on to the household’s total.
For more information, find out theto know now and .